Trade Bank of Iraq “looking to acquire a Turkish lender”

By John Lee.

The State-owned Trade Bank of Iraq (TBI) is reportedly looking to acquire a lender in Turkey, the country’s biggest trade partner, after abandoning a previous attempt.

Chairman Faisal Al Haimus is quoted by The National as saying that the TBI is keen on a conventional bank rather than a Sharia-compliant bank, but he declined to name a target.

Buying a Turkish bank would be the TBI’s first overseas acquisition, which will be financed from $350 million the lender earmarked for buying assets.

More here.

(Source: The National)

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